RIYADH:聽海角直播鈥檚 energy聽giant Aramco has topped a list of the world鈥檚 largest oil companies in terms of proven reserves, boasting figures 15 times greater than its nearest competitor, according to newly calculated figures.
Statista, a German online platform for data gathering and visualization, reported that Saudi Aramco鈥檚 oil and gas reserves were聽estimated聽at around 259 billion barrels of oil equivalent for 2022.
These reserves surpasses the combined total聽of ExxonMobil Corp., Chevron Corp., TotalEnergies SE, Shell plc, BP, and Eni.聽
ExxonMobil Corp. recorded reserves of 17.7 billion barrels of oil equivalent, followed by Chevron Corp. with 11.2 billion barrels.聽聽
The size of Aramco鈥檚 reserves echo its revenue streams, with聽the state-run oil giant the world鈥檚 most profitable company, generating $716.2 billion in profits between聽2016聽and聽2023, based on the company's annual financial results.
It also produced 12.8 million barrels of oil a day on average in 2023.
Statista highlighted that Saudi Aramco鈥檚 reserves figures聽are based聽on the terms of its concession, which limits its exploration and development ability to certain areas.聽
On a separate note, Statista reported that the Kingdom鈥檚 oil reserves amounted to 40.9 billion tonnes in 2020.聽
鈥満＝侵辈 has one of the largest oil reserves in the world, accounting for about one-fifth of the world鈥檚 conventional oil sources,鈥澛爐he data platform stated.聽
Moreover, according to a US Energy Information Administration study, the proven international oil and natural gas reserves of 187 publicly traded exploration and production companies decreased by 5.6 billion barrels of oil equivalent in 2022. This represents a 2 percent decline based on the firm鈥檚 annual financial reports.
The analysis,聽which聽was聽released聽in July 2023, stated that the proven reserves held by these public companies declined by 9 percent in 2020, primarily due to the economic impacts of the COVID-19 pandemic, but reserves increased in 2021.聽
In 2022, some major oil companies, including TotalEnergies and BP, withdrew from Russia. These divestments reduced the total proven reserves reported by exploration and production companies by 12 billion barrels of oil equivalent that year.
On June 2, 2024, Aramco begun the sale of more than $10 billion worth of shares in what was the second public offering from the firm.聽
The final price for the secondary share sale was set at SR27.25 ($7.26), and the company鈥檚 allocation to international investors reached 0.73 percent of total shares following the completion of the new issue. 聽聽
